European financial professionals are worried about inflation
Financial professionals are more worried about the impact of inflation on earnings than anything else, according to the results of extensive research carried out by ACCA.
More than half (54%) of the professional accountants surveyed by ACCA cited inflation as a top concern, followed by wellbeing/mental health (36%) and the impact of a global downturn on job opportunities (33%).
The study also underlined the impact that COVID-19 has had on the working life of Europe’s financial professionals.
Less than a third (31%) of respondents are now fully office-based, a figure which surely would have seemed unimaginable prior to the pandemic. Thirteen per cent are now fully remote, while 56% have a hybrid working arrangement.
Across Europe, younger respondents were more likely to report having fully office-based working arrangements, with almost two-thirds (64%) of Gen Z respondents taking this approach. Older age groups were significantly more likely to report hybrid or remote arrangements.
“This survey starkly reveals how hybrid and remote working have gained traction across Europe,” says Vikas Aggarwal, Regional Head of Public Affairs Relationships for EEMA (Europe, Eurasia, Middle East and the Americas).
“This is notably different from the global picture, where more than half of respondents reported being fully office-based.
“However, concerns about the pace of technological change underline the crucial importance of investment into training to help individuals achieve their growth aspirations and to improve retention.”
Employers face retention challenges
ACCA’s global research surveyed 8,000 professional accountants from 148 countries about concerns they held relating to the future of their work, as well as aspirations for their careers.
Across Europe, more than 1,200 individuals responded from a broad range of sectors, enabling the association to understand key workplace issues such as employee engagement, wellbeing and attitudes to technology adoption.
With growing wage constraints and potential funding cuts looming for many sectors, it’s fair to say unease over salaries is unsurprising.
What’s more, the Talent Trends survey recorded significant challenges for employers around the world seeking to attract or retain the talent they need.
This challenge is prevalent across Europe, where almost two in five (39%) respondents plan to move jobs within 12 months, rising significantly to almost two-thirds (63%) within the next two years.
Almost half of those planning to move are seeking an external move, with 61% seeking a promotion as part of their move.
Read the full report: Global Talent Trends 2023: Europe
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